Huihuang Technology: Located at the forefront of the rail transit market, it lays out a transportation WiFi strategy. As a joint stock high-tech enterprise focusing on the field of transportation and traffic command automation, integrating scientific research, production and operation, Huihuang Technology has an advantageous position in the railway traffic and urban rail transit industry. The company focuses on product research and development, and relies on rail transit to carry out the strategic layout of transportation WiFi. We believe that Huihuang Technology has broad development prospects and the company's growth potential is good. Demand for transportation WiFi is expanding, and the 100 billion market is waiting to be explored. Huge traffic flows have spawned huge demand for traffic WiFi. Nationwide, there are very few WiFi supporting facilities in the traffic scene, and it is still empty. Once it has sufficient capital and matching technology, it can seize the 100 billion market. The full deployment of transportation WiFi is the general trend. Accelerate strategic deployment and enter the Wi-Fi sector. The company continues to increase investment in R&D to enhance the core competitiveness of product technology. The company relies on rail transit to enhance endogenous expansion capabilities, consolidate market position, and promote the growth of various businesses. At the same time, the company is committed to expanding epitaxial business growth. It has successively invested in companies such as Flying United, Safer Technology, and Colorful Tongda to actively develop major transportation WiFi and build an integrated platform. Profit forecasts and investment ratings. We expect the company's operating income for 2016-2018 to be 699 million yuan, 888 million yuan and 1,131 million yuan respectively, and net profit attributable to shareholders of the parent company is 100 million yuan, 138 million yuan and 169 million yuan respectively. Based on current share capital (no additional issuance has been considered), the corresponding EPS is 0.27 yuan, 0.37 yuan and 0.45 yuan, respectively. Due to the steady development of Huihuang Technology's traditional main business, the “Big Traffic WiFi” strategy is progressing steadily and continues to maintain the “increase in holdings” rating. Stock price catalysts: the company received large orders; the implementation process of the transportation WiFi strategy exceeded expectations; and the majority shareholder fixed growth plan was successfully implemented. Risk factors: 1. Risk of declining national railway investment; 2. Product technology innovation risk; 3. Risk of increased accounts receivable; 4. Management risk brought about by extended expansion.